Iron Ore Price OutlookIron ore prices recovered from November’s plunge in recent weeks, eking out steady gains throughout December and the start of January. The benchmark iron ore 62% Fe import price including freight and insurance at the Chinese port of Tianjin traded at USD 74.8 per metric ton on 11 January. January’s price was 12.7% higher than on the same day in December and was up 3.0% on a year-to-date basis. However, it was still slightly below the levels seen at the start of 2018 and was 5.0% lower than on the corresponding day last year. Restocking of raw materials by Chinese steel mills spurred demand for iron ore (a key input in producing steel) and helped drive the price recovery seen in recent weeks. In addition, the rise was partly due to seasonal factors, as steel production usually gains steam ahead of spring. Moreover, other positive news for steel emerged, mostly related to China, including optimism over an improvement in trade relations with the U.S., monetary policy stimulus and some large infrastructure projects, which could all boost demand for steel and iron ore. That said, the factors the drove November’s price slump still linger in the background, including a slowing Chinese economy, trade tensions and potential curbs in steel production due to pollution in China.
Iron Ore Price History Data (USD per metric ton, aop)
Price forecasts and historical data for Energy, Metals and Agricultural Commodities.
Iron Ore Historical Price Chart
Price forecasts and historical data for Energy, Metals and Agricultural Commodities
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